Proposed bond means lots of money out of your pocket!

Phil Farnum

Date published: 10/19/2006

The proposed parks and transportation bond issues on the ballot this November will be very expensive for Stafford taxpayers ["Ex-officials oppose bonds," Oct. 9].

These bond issues are presented in a very flattering light, while the costs and repayment plans have been muted.

The bond issues are no small matter that can be easily repaid. The total increased debt county officials are seeking is $238 million. This is equal to $1,965.30 for each person in the county.

If all people paid equal property taxes, a family of four could expect additional debt of $7,861.20 to repay the bonds.

The interest on the bonds has been estimated at $11.7 million per year for the transportation bonds, and $5.6 million per year for the recreation bonds.

Property taxes would have to be increased from 63 cents to more than 73 cents per $100 value just to pay the interest.

This is a 16 percent increase and doesn't include the principal, which will cost considerably more.

Currently Stafford residents are taxed 2.196 percent on personal property, 20 percent on phone service, 20 percent on natural gas usage, 10 percent on electricity usage, and 0.63 percent on their real-estate tax.

How will these taxes be affected by the current decline in the property market?

I can see the benefit of the bond issues. The Ramoth Church Road project would even benefit my property.

I'm just against increasing debt without giving realistic estimates of the costs and a workable repayment plan.

We can't grow enough sprawl to get out of this debt. Vote "no."

Stafford

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Date published: 10/19/2006